Last week we launched an initiative to fund startups based in our six key markets that are working on new technologies to reduce greenhouse gas emissions and mitigate climate change.
The $20 million Climate Change Investment Initiative – which was formally announced by Val Jensen, Senior Vice President, Strategy and Policy at Exelon Utilities, during a speech at Climate Week NYC 2019 - marks our latest effort to help the country transition to a clean, next-generation energy grid
, with the aim of cutting carbon emissions to stem climate change.
The Exelon Foundation
will contribute $10 million over the next decade to fund the initiative, which will focus on clean energy and environmental technologies with potential for wide-scale commercialization. Exelon Corporation will match that grant with up to $10 million in pro-bono services, including mentoring entrepreneurs on ways to access other sources of capital, structure business plans, allocate financial resources and meet regulatory requirements. The startups also will have access to our internal innovation programs – Exelorate Growth, Constellation Technology Ventures and Partnership R&D – for counsel.
The selection process will focus on the following criteria, with minority- and women-owned businesses receiving particular consideration:
- Startups must be working on technologies that could ultimately benefit at least one of Exelon’s six major urban markets: Atlantic City, Chicago, Baltimore, Philadelphia, Washington, D.C. and Wilmington, DE.
- Their innovations must also have potential to:
- mitigate greenhouse gas emissions;
- boost the resiliency of urban infrastructure (e.g., the power grid, transportation systems, buildings, vacant land); or
- help cities, businesses and communities adapt to climate change and reach specific sustainability and climate goals.
Applications for the Exelon Climate Change Investment Initiative can be submitted online at http://www.exelonfoundation2c2i.com
. The submission deadline is October 25, with the aim of announcing the first funded class of entrepreneurs in December, providing $1 million in total funding to eight to 12 seed-stage startups.